08/20/2024
🏡 ATTENTION HOME BUYERS: KNOW BEFORE YOU SHOW 🏡
This past weekend brought major changes to the real estate industry nationwide. As your local real estate guide, I want to make sure you have all the information before hitting the ground running.
Starting August 17th, every buyer must sign a "Buyer Representation Agreement" before stepping foot into any property. Without this signed agreement, no REALTOR® will be able to unlock a door for you—this is non-negotiable for anyone holding a Realtor designation 🤯.
What does signing this agreement mean for you?
The Buyer Representation Agreement is a contract between you and your Realtor, confirming that you’ll be working with them to purchase your home. It outlines the roles, duties, and responsibilities your agent owes you, as well as the broker commission involved. The commission specified in this agreement is the maximum amount your broker or agent can receive from the transaction.
Do buyers have to pay commission?
The answer is yes... but it’s complicated 🤔. With the new NAR ruling, advertising cooperating broker and buyer broker commissions will be banned on the MLS. This means your agent may not know if they’ll be compensated when showing you a home. However, commissions are always negotiable, and there are several ways your agent can be paid—either by the seller, through direct compensation to the buyer's brokerage, or as a concession/credit to the buyer. In some cases, you may need to pay your agent's commission out of pocket, which will be detailed in the Buyer Representation Agreement.
How can you prepare?
Choosing the right agent when buying a home has never been more crucial. As August 17th approaches, significant behind-the-scenes changes are coming. The new Buyer Representation Agreement rule is just one aspect of the NAR ruling that will transform how real estate is bought and sold in the United States. Now more than ever, aligning yourself with a professional Realtor will be essential to the success of your home purchase!
Yes, change can be intimidating, but don’t let it hold you back from finding your dream home. While the real estate landscape is evolving, these changes are designed to protect your interests and ensure a smoother process. Embrace the journey, and let these shifts work in your favor as you move closer to securing the home you've always wanted.
Amela Ahmetovic
Keller Williams Realty Signature
📱(815) 985-5761
💻 [email protected]
4201 Galleria Dr.
Loves Park, IL 61111
